💥NEW Old Age Security Benefits Estimator & Retirement Checklist
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- čas přidán 4. 07. 2024
- Wanna know how much you’ll get from Old Age Security? Well, they just came out with a cool new tool to help you figure it out. And they’ve also whipped up a retirement checklist that is actually quite good.
Business Inquiries: info@wellbuiltwealth.ca
Well Built Wealth: www.wellbuiltwealth.ca/
Links:
- OAS Benefits Estimator: estimateursv-oasestimator.ser...
- Retirement Quiz & Checklist: retraite-retirement.service.c...
- Gov of Canada Retirement Hub: retraite-retirement.service.c...
- Our deep-dive video on OAS: • KEY Details About Cana...
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Intro (0:00)
The Estimator Tool (0:35)
Residence History (1:21)
Results (2:31)
OAS Deferment (3:55)
Retirement Hub & Checklist (4:51)
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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.
Question please! Do you mean that a single person is not eligible for the GIS even though their income is very low? Please reply. Thank you!
No, sorry. I should’ve been more clear about that. I was referring to the additional GIS benefits of Allowance and Allowance for Survivor. Hope that helps :)
@@wellbuiltwealth That’s good to know. Thanks so much for your quick reply!
Going to give it a try. Thanks for the video.
WOW... didn't know about this. I'm always learning stuff. Thanks Rhys.
Thanks very much for showing us these great tools. Many Thanks...!!!
Great video. Thanks!
Thank You amazing great information that i need next i have to work out how much my CPP go up each year if im still working hardest is never eane enough to max out my CPP feeling it not much anyway thanks slowly going though all your Video's Dave
I have lived in Canada all of my life, and am 85 years old. John M. Hill
This is awesome! Thank you!
You're very welcome!
I am 70 year old retire ,single .I want to move to Penticton live with friend roommate pay half rent .This move will affect my OSP ?.I am single and want to be single. Please reply. Thank You!
Great video.
Hoping there is also a resource available to address what happens if you have retired early to Mexico. We are Canadian citizens with Mexican Residency status.
My husband was 65 and had already applied for CPP & OAS before we moved to Mexico but I was only 52 when we moved to Mexico. So I only had 34 years in Canada so I would have pro-rated amount unless I have to be living in Canada at age of 64-65 to to be eligible to apply? Curious to know if I am eligible for OAS if we are still living abroad when I turn 65.
You are! This is what my next video is basically about. But contact Service Canada and have a chat with them about exactly what you need to do to make sure you get both. You can even get paid directly into a Mexican bank account in the Mexican currency :)
@@wellbuiltwealth thank you 😊 great news indeed. Love your channel. Such thorough information.
Thank you for sharing this! I just wish they would have a calculator for CPP as there are sooo many variables. BUT, I did call them and they were quite helpful in giving me an estimate that took into account child rearing years and early retirement.
Agreed!
Sorry you are kind of off on what age you can collect oas is the future
That's really nice, I was wondering if you could help me with a couple questions? I am in Canada till now 14 years, I an 62 now, wondering if I retired I will be able to receive the OAS back home, I am from Portugal by the way....
Thanks in advance
David here
Hi David, actually, I have a video coming out on this in a couple weeks. But in the meantime, the answer is that you need to have a minimum of 20 years living in Canada to be able to collect it in another country. That said, certain countries have an agreement with Canada where you can essentially receive credit for years lived in those countries to help you meet the minimum 20 year requirement.
Check out this page for details: www.canada.ca/en/employment-social-development/programs/old-age-security/reports/oas-toolkit.html#
Here’s a quote from the section pertinent to your situation:
“If you currently live outside Canada, you may qualify for the OAS pension even if you have not lived in Canada for 20 years after the age of 18.
Canada currently has social security agreements with nearly 60 countries. These agreements allow your time living and contributing in another country to be counted as residence in Canada. They can help you qualify for both the OAS pension and for foreign benefits.
For example, if at age 65 you have lived or worked at least 2 years in a country with which Canada has an agreement, you may meet the 10-year residence requirement for the OAS pension by using the 2 years you spent in the other country. If you are eligible, your OAS pension amount is calculated at the rate of 1/40th of a full pension for each year of residence in Canada after the age of 18. As a result, you would receive 8/40ths of a full OAS pension. You would not receive credit for the 2 years you lived outside of Canada.
Note: Some agreements may limit the periods that can count toward the OAS pension. For more information about Canada's social security agreements with other countries, go to Section 4.3.”
@@wellbuiltwealth thank you so much.
@@djoaocc I notice that Rhys always goes above and beyond. Rare these days.
How do I find out if my mom is earning what she should on CPP, oas and Gis. Doesn't seem to be right since following you. She is extremely low income and struggling. What is the next best steps to help her.
I’d recommend calling Service Canada with your mom. They have her details and so you’d be able to double check that they have the correct details. That’s your best bet. Also, if you get someone who is not that helpful, I’d just try calling again. The fruitfulness of your call can be highly dependent on who you get on the other end.
I just used the OAS calculator as an estimate and it said, my husband and I would qualify for $713,00 a month, each. I could have been off with my estimates, but that seems good.
hi what's the best way to retie with a million dollars ?
Impossible to say without knowing your situation. But that is exactly the kind of question we answer for clients. Feel free to check out or services here: www.wellbuiltwealth.ca/services
Does wage affect OAS benefits? I certainly won’t have 40 years in, but have had a sensible wage for most of my 20 plus years.
It does not. Unless you earn over the clawback levels once collecting.
@@wellbuiltwealth Hi Rhys, Sorry, I didn’t state that clearly. I was wondering if my wage over 20 plus years would have a positive impact on the amount I could be eligible for. I believe the answer is yes. I went to the online calculator after the video and it seems like I would get over $700.00. I didn’t know if I had worked long enough, but I think it is based on years and wage.
Ps Does this amount include CPP?
@@Pkeats817 OAS is based purely on residency. It's CPP that is based off of your age.
Cheers
Thanks, I confused them.@@wellbuiltwealth
B S
I am 70 retire single, I want to move from Wes Kelowna to Penticton Live with friend roommate. he has 2 bedroom ,2 bath. home rent half and utility I am single and want to be single. This move to Penticton can affect my OSP ? Please Reply.
'promosm' 💦